Holloway Friendly the inventors of income protection have revealed that in 2020 they paid 98% of claims (excluding non-disclosures). Considering the additional challenges 2020 brought, this is a great result for the Society’s Members.
The Society supported 697 Members and their families by paying out £3.4 million in benefit. That is £1million more than the previous year.
Holloway has always known its Members need more than just financial support, because getting Members back to work healthily isn’t just about having money in the bank, it’s also about being able to enjoy the intangible things that life brings. Over the last few years Holloway has grown and developed additional support for its Members, such as offering clinical reviews to receive early treatment and rehabilitation, as well as providing support on financial issues, bereavement and other personal difficulties they’ve experienced.
The detailed claims report produced by Holloway describes how it has supported Members and further highlights the need for income protection. The report explains clearly what claims have and have not been paid, and most importantly explains why not all claims could be paid.
Suzy Esson, Director of Operations said “We’re incredibly proud to have been able to help so many Members in such a difficult year, and this shows our commitment to keeping our Members lives colourful. Being worried about finances when you can’t work because you’re too sick or have been injured can be a dark time.”
Stuart Tragheim, CEO said “Figures like these give our Members and others looking to buy income protection confidence in their purchases. Knowing they’ll be helped when they really need it.
“We’ve never been about just paying a claim. We truly want to help our Members and their families as if they were our own. This is why we have introduced so much additional support for Members before, during and after a claim. Though the assurance of financial support can help ease the mind, sometimes more is needed like faster access to medical treatment or simply a friendly person to talk to”.
Last summer Holloway Friendly appointed Stuart Tragheim as its new CEO.
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